I don’t know about you all, but I am itching for some lower Bitcoin prices since this move has started. There is nothing that retail traders can do at this point to stop the downside in the Bitcoin price action because Grayscale still has a good amount of Bitcoin to liquidate, I wrote a post about it yesterday here on Coin Logic.
So if you can’t stop the downside from happening, you might as well ride the wave down! Yesterday was a great day full of short trade opportunities, not just in Bitcoin, but in most of the altcoin market, and even bigger percentage drops at that. I just happen to mostly watch Bitcoin and Ethereum as that is what the big money is watching, so that is where most of my trades happen.
But as ask the question, are you mentally prepared for a drop down to the $35K range? The Logical Trading Indicator PRO is showing the next big support range is in that area, so I fully expect for things to continue down to at least that level. Hopefully by then Grayscale will have finished selling and we can get back to the bull market. I also fully expect to range between $35-$45 until the Bitcoin mining reward halving in April before we see a trip back to all time highs, so we still have time to stack some sats and make some gains on these short trades in the meantime!
Don’t forget to watch for bigger percentage movements in the major altcoins! Be safe out there in the markets friends and remember to trade logically and be ready to buy the dip!
This post was originally posted as an idea on my Tradingview account! Follow me there for more technical analysis and add the Logical Trading Indicator V.1 to your charts for free today and start trading logically!
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Additional Blog Locations
Many of my cryptocurrency related articles as well as trading articles can also be found on my crypto research site, Coin Logic.
I also post trading chart ideas on my TradingView Profile.
The information in this trade journal is for educational purposes only and should not be considered financial advice. Please consult with a qualified financial advisor before making any investment decisions.